Sunday 1 March 2020

Trader’s Strategy In Tough Times

There is little doubt that the Coronavirus event will be locked into Trader folklore as a particularly tough time.

We have now endured many weeks of restricted tourist travel and a general negative outlook by consumers. As consumers tighten the belt, reduce spending, and wait-and-see, we thought we would ask Traders what strategy they were adopting. Here are some responses -

“I just do what I always do - adjust to the circumstances, and do my very best.”

“Don’t panic - lower your costs, and ride it out.”

“I am prepared. I have factored a 12 month lull into my business plan.”

“I will just be patient, but I don’t have a mortgage or kids at school. I really feel for those Traders with young families who rely on market income. It must be tough.”

“I am presenting my stall as an oasis for customers wishing to get away from all the bad news out there and at the same time introducing catch strategies like special offers and social media promotions.”

“We are upping our social media content, particularly Instagram, to bring customers in.”

“I am not panicking but I believe that long term I will need to somehow spread my income stream. Online is an obvious option and maybe wholesaling or business to business.”